Many small business owners don’t have any idea about tax advantages, and there are also some deductions that should be avoided due to misguided tax information. We work with CPAs and other tax professionals to be certain that the guidance we provide to our clients is in line with the advice their tax professional gives them.

Contigo Advisor educates you about tax planning tips for small businesses and top ways to save.

  • Always record all your business-related expenses. You must record all expenses, from large to small, incurred towards running your business.
  • Don’t miss out on depreciation costs-if your business is a manufacturing business, then under the income tax act you are eligible to claim 20% additional depreciation for the new machinery you purchase.
  • Adopt digital transactions because, under the new rules of the income tax act, you cannot claim deductions on cash payments if they exceed Rs 20,000/-so the best way is to make payments using different digital banking modes like cheques, NEFT/RTGS or UPI.
  • Deduct tax at source.
  • Get a business loan

For tax strategies for small business owners you can pick the best solution from Contigo Advisor based upon your current business revenue. With us, you can have the perfect opportunity to make sure that you are taking advantage of all the tax breaks and deductions that help end up putting money back in your pocket.

tax strategies for business owners 

Tax planning strategies become part of an overall plan for making expenditures and allocating retirement and other saving accounts. It allows you to be proactive in all your spending and saving rather than reacting when the tax bill comes due.

Tax planning strategies benefit businesses by allowing them to choose various tax options to determine the most beneficial way to conduct business. Tax planning aims not only to save on taxes but also to reduce or eliminate tax exposures during tax examinations.

Year end tax strategies for small business involves closing your books and preparing to move your company forward. The last thing you want to do is put it off until the last minute and don’t delay tax planning. Year-end is the perfect time to assess your business's financial health and take a look at your financial statements.

small business tax strategies

People who end up with problems often assume tax preparation and tax planning are the same thing. I believe that advanced tax planning and strategy are only for the super rich. With the business profit formula, you will get the information you need to stay ahead of tax problems. Hurry Up! Please visit our website at https://www.contigadvisors.com/